This documentation will be helpful if you ultimately decide to charge the tenant for repairs.

If the entire home is rented out then there can be some incentives to fix things like some big repairs such as roof, windows etc.

The buildings are getting older and they don't have the funds to do the repairs.

I know, you have “repairs”already.

When market changes, even the most sophisticated sponsor could collapse.At the end of the day, it's better to become "active investors" where you know every single bit of your investment, your market, your realtor, your contractor, what's the actual repair cost, actual rent, appreciation and so on and so on.

I waive escrow on all my mortgages and pay taxes/insurance with cc, put repairs on cc, etc.

The biggest mistake new investors make is to walk a property, maybe explain in general terms what they want and then let the contractor come up with the SoW.For a bedroom this could be:- replace carpet- repair closet dooror- remove carpet- remove curtains, nails and screws- replace closet doors, entry door SKU#- replace window SKU#- refinish hardwood floors 144 sqft, clear/oil-based- prep and paint all woodwork- patch walls, texture, paint walls eggshell white clay, ceiling flat white- replace light fixture SKU#, replace lightswitch w decora/white, replace 3 outlets&covers- install blinds SKU#Obviously, the cost would be quite different.

We market the property as available now, meaning that it doesn't have to be repaired and/or it is vacant.

Prepare the property: This is the time to purchase new furniture, restock supplies, and complete any necessary repairs.5.

@Eric CarlstromMy STRs tend to experience more frequent repairs than my long-term rentals so I tend to budget more for repairs and maintenance.